It’s never too early to start thinking about your retirement. The sooner you begin to build up your investment portfolio, the more you’ll enjoy your retirement once you finally make the transition. However, whether planned or not, the move to retiring can be both daunting and stressful, so good planning before you retire will make your early retirement and the transition into it a lot easier.
The objective for most people when they retire is to have enough money to live on and maintain their current standard of living for the rest of their lives. Therefore one of the first things you will need to consider is what sort of income you will require to meet your early retirement needs. You will also need to look at your current living expenses and work out how they will change when you retire.
Once you have determined your income needs in retirement, you will then need to work out how much capital you will need to achieve this. Click here to access our budget planner.
Below we’ve listed a number of factors you will need to consider when retiring:
• How much money will you need to live the lifestyle you want?
• Are you able to reduce your working hours closer to retirement?
• Do you have any health concerns that you need to consider?
• How can I maximise my early retirement income?
• What types of government support can I get in my retirement?
• Will I pay tax in retirement?
• Should I stay in the same house or upgrade/downsize?
• Should I organise a will?
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To help answer these questions and start your retirement, please contact us today.